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that shortfall is called the deficit. when you add together all the annual deficits and the interest on them, you get the national debt. today that stands at $16.4 trillion and a whole lot of change. that comes out to $52,000 for every american man, woman, and child. economists agree the best way to bring down that number is to grow the economy. that means more tax revenue coming in and fewer people relying on the social safety net. new numbers show the economy isn't growing. the economy is shrinking. america's gdp fell by an annual rate of 0.1% in the last quarter of last year. the last time that hand was during the recession. economics professor and unapologetic liberal paul krugman says the u.s. needs to wait for economic growth come back before even thinking about spending cuts. >> the power of the household analogy is very strong. remember, we all -- the liberal leeng congress made fun of boehner when he said families have to tighten their belts, the government does, too. that's stupid. three months later, obama was
that shortfall is called the deficit. when you add together all the annual deficits and the interest on them, you get the national debt. today that stands at $16.4 trillion and a whole lot of change. that comes out to $52,000 for every american man, woman, and child. economists agree the best way to bring down that number is to grow the economy. that means more tax revenue coming in and fewer people relying on the social safety net. new numbers show the economy isn't growing. the economy is...
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>> i think our deficit will good up. that's going to cut a big hole in our economy so tax revenues will dry up. i think our economy is very delicate right now. businesses are tired of the uncertainty. if the president keeps talking tax increases, i'm worried about what that that will de. >> the president elect of the heritage foundation. >> with the nation's debt mounting, new fears america's credit rate could go be slashed again. and now this. attorney general eric holder announcing a lawsuit against standard & poors. the suit, which seeks $5 billion in damages, claims s&p's high rating on risky mortgage investments brought the financial system to the brink of collapse. why just s&p? why not other rating agencies? no. it is just s&p. the same firm that had the temerity to downgrade our debt. critics crying foul, claiming the move is nothing more than political retallation. is it? we're on it with fox news legal analyst mercedes and fox business net wish are melissa mercedes, you first. do you think this is political pay
>> i think our deficit will good up. that's going to cut a big hole in our economy so tax revenues will dry up. i think our economy is very delicate right now. businesses are tired of the uncertainty. if the president keeps talking tax increases, i'm worried about what that that will de. >> the president elect of the heritage foundation. >> with the nation's debt mounting, new fears america's credit rate could go be slashed again. and now this. attorney general eric holder...
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Feb 6, 2013
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we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you think about the single mom working 12 hours a day and her paycheck does not take her to the end of the month on food. what she realizes and has been a responsible mom, but realizes after she makes the decision to have her child not have an abortion is that her paycheck is not going to help her feed her infant. the women infant children program not only feeds these families, it also teaches them about nutrition and how to be healther and live healthier lives. this is important for families and the economy. we are helping people stay healthy longer and one of
we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you...
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he wants to do some long-term spending reduction on the de deficit. republicans say don't trust him. i don't think republicans will be swayed by the cbo report. they have what they see as a mandate from voters, cut spending. >> let me bring in congressman john yarmuth. what would you like to see? >> i think some of the spending you mentioned could be very youthful. some of the farm subsidies that are unjustified. i'd like to consider a securities transaction pack, the so called wall street packs that can raise tens of billions of dollars. and we can do some cutting, but in that cbo report that you mentioned, it also said that the kind of austerity program which the sequester would represent would be damaging to the recovery, would hurt gdp, and, of course, that's in line with what most economists believe. i think we've got to be very careful when we just say we've got a cut, without regard to the impact of those cuts, both on the economy and on some very important programs. >> you know what the republicans' answer to that is. they say one of the conce
he wants to do some long-term spending reduction on the de deficit. republicans say don't trust him. i don't think republicans will be swayed by the cbo report. they have what they see as a mandate from voters, cut spending. >> let me bring in congressman john yarmuth. what would you like to see? >> i think some of the spending you mentioned could be very youthful. some of the farm subsidies that are unjustified. i'd like to consider a securities transaction pack, the so called wall...
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have to get on top of the deficit. that is stage one of getting on top of our debt but it is worth reminding ourselves why we're having to do this in the first place. who was it who racked up the debt? who was it that racked up the deficit? who was it that gave us the biggest deficit of any country virtually anywhere in the world? it was the government which he supported. >> if the prime minister agrees that the shortage of engineering skills is one of the greatest avoidable threats to our prosperity and security and that the participation of women in engineering is scandalously low, will he encourage his colleagues to look favorably on the provisions of my bill to ask the young people to seek technology and engineering to take up their careers. >> i will say that in the data released today, one of the encouraging signs is the number of people studying engineering and computer science has gone up quite radically frankly to raise the status of engineering, encourage engineering, are having any effect. >> the government
have to get on top of the deficit. that is stage one of getting on top of our debt but it is worth reminding ourselves why we're having to do this in the first place. who was it who racked up the debt? who was it that racked up the deficit? who was it that gave us the biggest deficit of any country virtually anywhere in the world? it was the government which he supported. >> if the prime minister agrees that the shortage of engineering skills is one of the greatest avoidable threats to...
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she's part of the progressive caucus which produced his own plan this week to trim the deficit without cuts to our safety net. congresswoman, let me go to you first. the president made it clear he'll fight for what he believes is right. will republicans fold yet again? >> well, i certainly hope they will. apparently, john boehner said we're done with taxes. the president was very clear that when meeting the economic and fiscal challenges ahead, that he wants to keep in perspective whether the cop or the receptionist was able to make it. and he did contrast it with what the republicans want. and they want to cut medicare and social security. and so he said fine, let's argue this out in the public. and he clearly felt confident that he and we would win if that bat 8 takes place. >> now, the reason i'm asking, congresswoman, is "politico" is reporting that the economy is crumbling. let me quote. >> if that is true and the democratic caucus stands together and the president stands firm, they will have backed down yet again. >> exactly. you know, reverend al, that this sequester was never i
she's part of the progressive caucus which produced his own plan this week to trim the deficit without cuts to our safety net. congresswoman, let me go to you first. the president made it clear he'll fight for what he believes is right. will republicans fold yet again? >> well, i certainly hope they will. apparently, john boehner said we're done with taxes. the president was very clear that when meeting the economic and fiscal challenges ahead, that he wants to keep in perspective whether...
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to pay down the deficit. and potentially to make our businesses more competitive. now, i think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and the senate are working towards budget proposals that i hope reflect this balanced approach. having said that, i know that a full budget may not be finished before march 1st, and unfortunately that's the date when a series of harmful automatic cuts to job-creating investments and defense spend, also known as sequester, are scheduled to take effect. so, if congress can't act immediately on a bigger package, if they can't get a bigger package done by the time the sequester is scheduled to go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a
to pay down the deficit. and potentially to make our businesses more competitive. now, i think this balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and the senate are working towards budget proposals that i hope reflect this balanced approach. having said that, i know that a full budget may not be...
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everybody wanted -- he was there to talk about spending deficit and debt. everybody wanted to talk about gun control. almost to a person everyone said the only reason why the government wants me to go through background checks is so they know what background i have and how many guns i have so they can take my guns. that's what the perception is. >> there's a lot of paranoia. the there is no such plot a foot from anybody involved. of course the president is out of touch with the sport with the family traditions. that's why the picture was posted. >> here's a simple solution. all gun control ought to apply to everybody that includes the body guards anybody who works for the department or agency. if you don't think i need this or that weapon to protect my family you don't need yours. i am saying all americans are worth the same. my family is eerie bit as valuable as anybody else's family when he works in congress or the branch. >> we have to leave it there. stay tuned. we are going to tell you what it takes to accurately predict the outcome of a football game.
everybody wanted -- he was there to talk about spending deficit and debt. everybody wanted to talk about gun control. almost to a person everyone said the only reason why the government wants me to go through background checks is so they know what background i have and how many guns i have so they can take my guns. that's what the perception is. >> there's a lot of paranoia. the there is no such plot a foot from anybody involved. of course the president is out of touch with the sport with...
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they are not sure they want to use that money to lor lower the deficit. that is one of the issues that will need to be resolved as the president and congress workout this deal to avoid this sequester, gregg. gregg: the republicans didn't win the last tax battle. we'll wait and see. wendell goler live at the white house. thank you. martha: there are new questions today about the biggest gas price skwrupl nap years in some states. what is going on out there? we'll have new details and what might be the latest pain at the pump. . . . .. martha: we're working on getting more information on u.s. gold medalist lindsey vonn. she is a four-time world champion. the event that was going on in austria, she had a crash. she said it was very foggy. it was delayed a couple hours. three out of the other four top racers did not finish the race. on the left-hand side of the screen you can see her being airlifted. when she got up, she stumbl.
they are not sure they want to use that money to lor lower the deficit. that is one of the issues that will need to be resolved as the president and congress workout this deal to avoid this sequester, gregg. gregg: the republicans didn't win the last tax battle. we'll wait and see. wendell goler live at the white house. thank you. martha: there are new questions today about the biggest gas price skwrupl nap years in some states. what is going on out there? we'll have new details and what might...
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look at the cut of session of republicans. >> we have worked all year to reduce our budget deficit and to cut spending. >> we have reduced the size and role of government. we've got to cut spending. >> we'll continue to work on finding smarter ways to cut spending. >> spend less. >> when we know. when we know in terms of very clear, empirical evidence that austerity measures makes things worse. they will tell you as we saw governor romney do. corporations are people, my friend. and say governments don't create jobs. governments not only create them, but if we had allowed government spending to stay and to stimulate it, we would be in a position where we would have a much lower unemployment rate. >> much lower and much more money out there consumers, people be spending money because they'd have it. and it would go back in the system. dana, melissa, thanks for your time. and be sure to watch melissa harris perry saturdays and sundays 10:00 a.m. here on 34rks snbc. >> coming up, what a day in politics. scott brown is not running and now geraldo rivera may be geraldo? >>> plus, george bush
look at the cut of session of republicans. >> we have worked all year to reduce our budget deficit and to cut spending. >> we have reduced the size and role of government. we've got to cut spending. >> we'll continue to work on finding smarter ways to cut spending. >> spend less. >> when we know. when we know in terms of very clear, empirical evidence that austerity measures makes things worse. they will tell you as we saw governor romney do. corporations are...
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they are not sure they want to use that money to lor lower the deficit. that is one of the issues that will need to be resolved as the president and congress workout this deal to avoid this sequester, gregg. gregg: the republicans didn't win the last tax battle. we'll wait and see. wendell goler live at the white house. thank you. martha: there are new questions today about the biggest gas price skwrupl nap years in some states. what is going on out there? we'll have new details and what might be the latest pain at the pump. . . . ..
they are not sure they want to use that money to lor lower the deficit. that is one of the issues that will need to be resolved as the president and congress workout this deal to avoid this sequester, gregg. gregg: the republicans didn't win the last tax battle. we'll wait and see. wendell goler live at the white house. thank you. martha: there are new questions today about the biggest gas price skwrupl nap years in some states. what is going on out there? we'll have new details and what might...
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the president told super bowl fans reducing the deficit will require more taxes. >> can we combine some smart spending cuts because there's still some waste in government, can we reform our health care programs in particular and can we close loopholes and productions that folks who are well connected and have a lot of accountants can take advantage of. there's no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. >> president also warned congress about the danger of alowing the sequester to go into effect. >> washington cannot continually operate under a cloud of crisis. that freezes up consumers, gets businesses worried. we can't afford the self-inflicted wounds. >> no another tweet david plouffe said message delivered to big audience on balanced budget, deficit reduction, economy growth. on abc, an unlikely name was invoked for direction. >> i think what we need to do is do some things mitt romney taungd abo talked about. he said there are tax loopholes that should be closed. there are efforts being made to only get rid of the s
the president told super bowl fans reducing the deficit will require more taxes. >> can we combine some smart spending cuts because there's still some waste in government, can we reform our health care programs in particular and can we close loopholes and productions that folks who are well connected and have a lot of accountants can take advantage of. there's no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. >> president...
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and we had a debate whether we take a balanced approach to deficit reduction as you described. one that asks the wealthiest americans to pay a bit more while making sure we reduce spending and make responsible spending cuts without cutting the legs out from under the economy. and i'm sure mr. bernstein would agree that as the economist i heard when i was a member of the budget committee repeatedly say that you can't cut so much so fast because in a recovery that is already more fragile than we'd like to see, you want to make sure you don't slow or stall that recovery. that's what the republicans are risking. it's really -- you know, i wish and i know that americans across the country wish that there would just be a massive outbreak of responsibility in the republican conference so that we could bring them to the table, sit down, and work together to avoid massive spending cuts which they seem willing to allow to happen. >> a massive outbreak of responsibility. wouldn't that be a great occurrence? let me ask you, jared. you may agree, but senator mitch mcconnell clearly doesn't
and we had a debate whether we take a balanced approach to deficit reduction as you described. one that asks the wealthiest americans to pay a bit more while making sure we reduce spending and make responsible spending cuts without cutting the legs out from under the economy. and i'm sure mr. bernstein would agree that as the economist i heard when i was a member of the budget committee repeatedly say that you can't cut so much so fast because in a recovery that is already more fragile than...
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blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been under president obama. but the supposedly gigantic growth of those deficits is why congressional republicans are committed to us lurching from self-imposed crisis to self-imposed crisis instead of us working this stuff out like adults. the accusation that president obama has grown the deficit giantly since he has been in office is a very politically potent accusation. and when republicans say it, the beltway media tends to write it down as if it was true. it is not true. it has not been true for a very long time, and there is really no ex
blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been...
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a balanced approach has achieved more than $2.5 trillion in deficit reduction. that's more than halfway towards the $4 trillion in deficit reduction that economists and elected officials from both parties believe is required to stabilize our debt. so we've made progress. i still believe that we can finish the job with a balanced mix of spending cuts and more tax reform. the proposals that i have put forward during the fiscal cliff negotiations in discussions with speaker boehner and others, are still very much on the table. i just want to repeat, the deals that i put forward, the balanced approach of spending cuts and entitlement reform and tax reform that i put forward are still on the table. i have offered sensible reforms to medicare and other entitlements, and my health care proposals achieved the same amount of savings by the beginning of the next decade as the reforms that have been proposed by the bipartisan bowls simple son fiscal commission. these reforms radio reduce our government's bill. what's up, cameraman? come on, guys. they're breaking my flow a
a balanced approach has achieved more than $2.5 trillion in deficit reduction. that's more than halfway towards the $4 trillion in deficit reduction that economists and elected officials from both parties believe is required to stabilize our debt. so we've made progress. i still believe that we can finish the job with a balanced mix of spending cuts and more tax reform. the proposals that i have put forward during the fiscal cliff negotiations in discussions with speaker boehner and others, are...
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so-called three percent treaty force in france to reduce its budget deficit down from four point five percent by hiking taxes and cutting spending. but while harsh criticism expected from the opposition disapprovals also been growing from like minded left wingers or complain but i think the president especially of a country like france one of six e.u. founders should be strong enough to say stop to others and say hey i have my nation behind me and they elected me to make changes instead he surrendered because he's more worried about the country's debt and the ratings agencies make. in a short video french communists put together some of the lawns major presidential campaign vows none of which they say came true. but what that. the value added tax increase is i think it's inappropriate and unjustified and unreasonable and too hasty. what happened to well that's to reminded president do you remember you promised to review the european treaty you didn't do that here in germany said a three percent deficit isn't real but now only say it's possible etc etc you can't not do what you promise
so-called three percent treaty force in france to reduce its budget deficit down from four point five percent by hiking taxes and cutting spending. but while harsh criticism expected from the opposition disapprovals also been growing from like minded left wingers or complain but i think the president especially of a country like france one of six e.u. founders should be strong enough to say stop to others and say hey i have my nation behind me and they elected me to make changes instead he...
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deficits are they say unsustainable. g.d.p. is actually negative. what is he going to say, not my fault? >> he is going to say if congress doesn't act to o these things in the next few months it's going to get even worse. for example, you have the sequester coming up in couple weeks. president has presented proposals that would stave off some of the cuts that would be devastating to the nation's military and the defense industry. you have debt ceiling coming up few months after that and congress is supposed to pass a budget in the next couple of months but obviously they have not done that. >> gregg: he has raised taxes not only on high income earners, he has raised taxes on everyone. the word is he is going to say, he needs more money, more tax revenues. how is that going to be received? >> i can tell you on capitol hill it has not been received very well. house republicans basically, many of them didn't vote for the package that included the tax hikes you are referring to, the one that was voted right after new year's eve. they say that is enough.
deficits are they say unsustainable. g.d.p. is actually negative. what is he going to say, not my fault? >> he is going to say if congress doesn't act to o these things in the next few months it's going to get even worse. for example, you have the sequester coming up in couple weeks. president has presented proposals that would stave off some of the cuts that would be devastating to the nation's military and the defense industry. you have debt ceiling coming up few months after that and...
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>> kerry has said he wants to focus on the middle east, and that has been a deficit in terms of the israeli-palestinian track. certainly, i mean, the arab spring made it much more difficult, much more complicated, but some would argue made it more necessary. >> well, yeah. the middle east is also one of the drains that can suck all the oxygen out of the room. you know, you could get involved in it and get sucked down all these different kind of rabbit holes that exist in the middle east. syria, israel, palestine, egypt, iran, iraq which could, you know, get rough, afghanistan, which is a problem. all of those things are, i guess, threads that he could pull on that could leave him not enough time to deal with the trans-atlantic relationship, to deal with china, to deal with our neighbors like mexico where their priority issues. to deal with rebuilding the international institutions that need to be rebuilt. i think he has to be a bit careful not to fall into that trap. >> finally, what about iran and whether we are going to be caught up in something that israel launches or that we have to launch with isr
>> kerry has said he wants to focus on the middle east, and that has been a deficit in terms of the israeli-palestinian track. certainly, i mean, the arab spring made it much more difficult, much more complicated, but some would argue made it more necessary. >> well, yeah. the middle east is also one of the drains that can suck all the oxygen out of the room. you know, you could get involved in it and get sucked down all these different kind of rabbit holes that exist in the middle...
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for instance, deficits are decreasing. however, all i ever hear from republicans is the president needs to get serious. from speaker john boehner. that's the best impersonation i can give you. >> it's not bad. >> wasn't very good, nothing personal. >> but dana, is that it? >> well, that was a little raspy, your john boehner. but i think you've captured the sentiment, more or less correctly. and yes, the cbo report shows that the deficit is shrinking. but it is also showing the efforts to shrink the deficit have taken away from growth and the economy. you can't have one of these things without the other. now, i think there's a fallacy in the first question you posed to jared. that is that republicans would be very upset if there were a double-dip recession in a political sense as rush limbaugh and others have stated, they may be in a stronger position if the economy goes back into recession. then the president and his majority party will be less powerful. so they actually have a political incentive. >> hang on a second, dan
for instance, deficits are decreasing. however, all i ever hear from republicans is the president needs to get serious. from speaker john boehner. that's the best impersonation i can give you. >> it's not bad. >> wasn't very good, nothing personal. >> but dana, is that it? >> well, that was a little raspy, your john boehner. but i think you've captured the sentiment, more or less correctly. and yes, the cbo report shows that the deficit is shrinking. but it is also...
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so-called three percent treaty force in france to reduce its budget deficit down from four point five percent by hiking taxes and cutting spending. but while harsh criticism expected from the opposition disapprovals also been growing from like minded left wingers or complain but i think the president especially of a country like france one of six e.u. founders should be strong enough to say stop to others and say hey i have my nation behind me and they elected me to make changes instead he surrendered because he's more worried about the country's debt and the ratings agencies make. in a short video french communists put together some of the lawns major presidential campaign bows none of which they say came true. look what that's. the value added tax increase. i think it's inappropriate and unjustified and unreasonable and too hasty. what happened to well that's to remind the presidents do you remember you promised to review the european treaty you didn't do that here in germany set a three percent deficit isn't real but now only say it's possible etc etc you can't not do what you prom
so-called three percent treaty force in france to reduce its budget deficit down from four point five percent by hiking taxes and cutting spending. but while harsh criticism expected from the opposition disapprovals also been growing from like minded left wingers or complain but i think the president especially of a country like france one of six e.u. founders should be strong enough to say stop to others and say hey i have my nation behind me and they elected me to make changes instead he...
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that we're reducing our deficit in a way that doesn't hamper growth, reduce the kinds of strategies that we need in order to make sure that we're creating good jobs and a strong middle class. >> strong middle class. make sure the system is fair. it's game on for this president. joining me now is political strategist angela rye. thank you both for being with us. >> thank you, reverend al. >> jarret, let me go to you first. tax fairness is a big part of what the president wants to get done. take a look at this. there are many middle class households that are actually paying a higher tax rate than households that make over a million dollars a year because they don't get most of their money from investments. will the president's policies change this problem? >> they will and they already are, to some extent. but there's more to be done there, just like the president just said. in the deal that ended the fiscal cliff, the tax rate at least for folks at the very top of the income scale, above $450,000, on capital gains and dividends, capital gains is what you get when you sell an appreciated s
that we're reducing our deficit in a way that doesn't hamper growth, reduce the kinds of strategies that we need in order to make sure that we're creating good jobs and a strong middle class. >> strong middle class. make sure the system is fair. it's game on for this president. joining me now is political strategist angela rye. thank you both for being with us. >> thank you, reverend al. >> jarret, let me go to you first. tax fairness is a big part of what the president wants...
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. >> we have massive deficit, big tax increase. no apparent willingness to get government off people's backs by reducing government spending. all of that is a heavy weight on the private sector. firms around the nation are sitting on their cash instead of creating jobs. >> on wednesday, the commerce department announced economic growth fell to a minus tenth of a percent, the last three months of last year. so the chairman of the president's council of economic advisors says other indicators remain positive. >> consumer spending increased. business investment; particularly, for equipment and software was strong. residential construction was strong. we are seeing signs of that in the jobs report. >> it also showed a larger number of people dropped out of the labor force than found jobs. former administration economist says some of that is to be expected. >> the population is aging, so we expect to have a fair number of people retiring every month for the next ten years or more as the baby boom is retiring. >> actually, the conference
. >> we have massive deficit, big tax increase. no apparent willingness to get government off people's backs by reducing government spending. all of that is a heavy weight on the private sector. firms around the nation are sitting on their cash instead of creating jobs. >> on wednesday, the commerce department announced economic growth fell to a minus tenth of a percent, the last three months of last year. so the chairman of the president's council of economic advisors says other...
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Feb 4, 2013
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of the deficit. that is a state located on top of our dead. but it is worth reminding ourselves why we are having to do this in the first place. who was it who wrapped up the dead? who was it who racke rack up the deficit? who was it that gave us the biggest deficit of any country, virtually anywhere in the world? it was, it was the government which he su
of the deficit. that is a state located on top of our dead. but it is worth reminding ourselves why we are having to do this in the first place. who was it who wrapped up the dead? who was it who racke rack up the deficit? who was it that gave us the biggest deficit of any country, virtually anywhere in the world? it was, it was the government which he su
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Feb 5, 2013
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under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next ten years u.s. debt will increase $10 trillion from a little more than 16 trillion-dollar now to more than $26 trillion in 2023. >> you can't raise enough tax to say pay for this problem. you won't grow fast enough to get rid of this problem. you ultimately have to deal with spending. >> after 2023, the debt begins to soar. >> after that it's going to grow and reach the trillion and go beyond the trillion. so at no point in the foreseeable future is the deficit going to come down to manageable level. >> noting repeatedly high debts are bad and dangerous as he put
under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next...
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Feb 8, 2013
02/13
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. >> i want to listen to something that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the road? we had a big tax increase in 1993 with president clinton along with big spending cuts. >> right. >> it was a deficit reduction package that worked. they continued to do more deficit reducing package with newt gingrich on the spending side throughout the decade and we're on our way to a surplus. >> that's right. i've been calling it the undecade, the 1990s has been written out of their record. they would have you believe that it was always the way it was under reagan and then bush. >> why don't they just say, leave off the clinton tax increase, which helped a lot, and just claim they did it for spending cuts? >> because if they do, if they admit that something nice happened in the '90
. >> i want to listen to something that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the road? we had a big tax increase in 1993 with president clinton along with big...
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Feb 3, 2013
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one thing that happens is the deficit. we are talking the out year's 2030, 2035 and 2045. what do we know about the economy in 2040? we can't predict one year. maybe innovation is incredible. maybe we have four years of japanese growth. things are going to change a lot. i want to thank our guests. connie, joe from business insider. ed connor, thank you all. that was great. >> thank you. >> thank you for joining us. we'll be back next weekend. our guests will include gror ya and marlo. the state feminism today. coming up next is melissa harris perry. former congresswoman gabby giffords and her gun control issues. that's up next on mhp. have a fun super bowl. [ man ] ring ring... progresso this reduced sodium soup says it may help lower cholesterol, how does it work? you just have to eat it as part of your heart healthy diet. step 1. eat the soup. all those veggies and beans, that's what may help lower your cholesterol and -- well that's easy [ male announcer ] progresso. you gotta taste this soup. how did i know? well, i didn't really. see, i figured low testosterone would
one thing that happens is the deficit. we are talking the out year's 2030, 2035 and 2045. what do we know about the economy in 2040? we can't predict one year. maybe innovation is incredible. maybe we have four years of japanese growth. things are going to change a lot. i want to thank our guests. connie, joe from business insider. ed connor, thank you all. that was great. >> thank you. >> thank you for joining us. we'll be back next weekend. our guests will include gror ya and...
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Feb 8, 2013
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. >> the fact is though, we can't finish the job deficit reduction through spending cuts alone. >> yes, we can. [ laughter ] >> we can. >> john: now, that is romance. before we go tonight. one more look at the radar on the scene from boston as the huge storm is getting ready to wrap you up. expected to dump as much as 3-foot
. >> the fact is though, we can't finish the job deficit reduction through spending cuts alone. >> yes, we can. [ laughter ] >> we can. >> john: now, that is romance. before we go tonight. one more look at the radar on the scene from boston as the huge storm is getting ready to wrap you up. expected to dump as much as 3-foot
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Feb 5, 2013
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they're talking about the economy and deficit reduction. but also in the context of how does immigration affect that? the president said he wants to do something about the 11 million people who are living and working in this country and have been doing so for years illegally. but republicans here, especially conservatives on the house side, want to make sure border protection comes first. janet napolitano is touring the border right now and says we can secure it but we can't completely shut it down because that would hinder trade and commerce. also today the house judiciary committee meeting. they take a look at what might be the best solution here. there's a group of democrats and republicans working behind the scenes to come up with a solution. no word yet on how much progress they've made. >> interesting. tracie potts, thank you. >>> nbc news has obtained a confidential justice department memo that contains the legal justification for drone strikes on american citizens. the document from the justice department says the government can ord
they're talking about the economy and deficit reduction. but also in the context of how does immigration affect that? the president said he wants to do something about the 11 million people who are living and working in this country and have been doing so for years illegally. but republicans here, especially conservatives on the house side, want to make sure border protection comes first. janet napolitano is touring the border right now and says we can secure it but we can't completely shut it...